Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.2
Leases
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases
11. LEASES

 

OPERATING LEASES

 

See Note 3 – Business Combination regarding details associated with lease agreements for (i) certain parking locations in connection with the City of Los Angeles Agreement.

 

As of September 30, 2020, the Company had no leases that were classified as a financing lease. As of September 30, 2020, the Company did not have additional operating and financing leases that have not yet commenced.

 

Total operating lease expenses for the three and nine months ended September 30, 2020 were $97,989 and $332,045, respectively, and for the three and nine months ended September 30, 2019 were $40,762 and $151,694, respectively, and are recorded in other operating expenses on the condensed consolidated statements of operations.

 

Supplemental cash flows information related to leases was as follows:

 

    For The Nine Months Ended  
    September 30,  
    2020     2019  
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows from operating leases   $ 160,451     $ 151,694  
                 
Right-of-use assets obtained in exchange for lease obligations:                
Operating leases   $ 597,812     $ 266,103  
                 
Weighted Average Remaining Lease Term                
Operating leases     2.24       1.79  
                 
Weighted Average Discount Rate                
Operating leases     6.0 %     6.0 %

 

Future minimum payments under non-cancellable leases as of September 30, 2020 were as follows:

 

For the Years Ending December 31,   Amount  
       
2020   $ 114,421  
2021     336,139  
2022     249,320  
2023     72,728  
Total future minimum lease payments     772,608  
Less: imputed interest     (40,598 )
Total   $ 732,010